Neteller reduce bitcoin deposit fee to 1%

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, Aug 17, 2016.

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  1. Humble Servant

    Humble Servant Active Member Staff Member

    Prepaid card provider and payments processor Neteller has long been a popular option for online gamblers. In May 2015 Neteller surprised many by adding bitcoin as a deposit option and there were zero fees for depositing with bitcoin. Unfortunately, that didn't last too long and by September Neteller had increased the deposit fee to 5%.

    Obviously not too many bitcoin users were willing to pay the 5% fee so they've now reduced it to a more manageable 1% deposit fee. Bitcoin gamblers at sites like 5Dimes, Bovada or Betonline might find Neteller an easy way to convert their BTC to dollars.
     
  2. 2damoon

    2damoon Member

    about time too. who in their right mind would pay a 5% conversion. i might get myself a neteller card now because it's a quick way to turn btc into dollars.
     
  3. NKOTB

    NKOTB Member

    Do Skrill accept bitcoin deposits now also?
     
  4. Humble Servant

    Humble Servant Active Member Staff Member

    No. Skrill do not support bitcoin deposits at the moment but since they are owned by Neteller I'm guessing it's only a matter of time before they do.
     
  5. Kaboom

    Kaboom Member

    i only use the neteller virtual credit cards but you're not allowed to deposit bitcoin to those. disappointing.
     
  6. Lance

    Lance Member

    If you're not able to spend your deposited bitcoin on your Neteller credit card then how exactly do you spend it?
     
  7. Humble Servant

    Humble Servant Active Member Staff Member

    You have to spend it at one of their approved merchants. For instance, you can use it to play for your hosting to shop online at certain online retailers. Here's a directory of their merchants https://www.neteller.com/en/business/benefits/merchant-directory
     
  8. Spud

    Spud Member

    not being able to spend or withdraw your bitcoin from your neteller card is a joke. if they have concerns about bitcoin being used to launder money then why not restrict users from depositing more than $1,000 worth of btc per month. it makes no sense to prevent someone withdrawing $20 worth of bitcoin. if you want to make credit card purchase and atm withdrawals using a debit card then apply for the xapo or bitpay debit cards.
     
  9. Humble Servant

    Humble Servant Active Member Staff Member

    Skrill/NETELLER, who are both owned by the same parent company, have made to unexpected decision to withdraw their Mastercard debit card service from up to a 100 countries around the world. If you live outside the SEPA Eurozone region, you will no longer be able to use your Skrill or Neteller prepaid Mastercard online or at ATM's. This decision is bound to drive bitcoin adoption as both of these prepaid debit cards were highly popular funding methods amongst online gamblers. Online sportsbooks and casinos will also be anxious to move away from a situation where their businesses are dependent on a handful of payment companies.
     
  10. Kaboom

    Kaboom Member

    yes, i've deposited at skrill with bitcoin.
     
  11. uglymug

    uglymug Member

    I was going to use this service to deposit at Neteller until I realized that transactions were processed by BitPay who I am boycotting and you should too. BitPay were bought by Jihan Wu and Bitmain, who are trying to destroy bitcoin. Stephen Pair, the CEO of BitPay, is a traitor to bitcoin.
     
  12. Humble Servant

    Humble Servant Active Member Staff Member

    Yes, this is a very worrying development. BitPay now appears to be acting as a subsidiary of BitMain in China and are no longer have their users best interests at heart. I don't know how they're to cope with the 2X split because there may be serious legal repurcussions if they start using 2X and then the legacy chain gets more hashing power a few days or weeks later.
     
  13. Kaboom

    Kaboom Member

    I haven't logged into my Neteller in about a year so I was very pleasantly surprised to learn that you can now buy Bitcoin, Litecoin, XRP and Ethereum from the site. Pretty cool how fast things are changing.

     
  14. SuckIt

    SuckIt Member

    1% is still far too high. Neteller and Skrill should dump BitPay and come to some agreement with a major exchange. Fee should not be more than 0.5%.
     

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